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NYC Broker-Dealer Gets First-Ever Fine - And It Was So Avoidable
September 27, 2011
This New York broker-dealer, formed in 1985, settled FINRA charges it failed to discharge its AML obligations, beginning with checking out FinCen list of individuals under investigation. It should be noted that the Firm, Goldman Capital Management, Inc., had no prior history of disciplinary actions.
In this case, FINRA reported the following findings:
- Goldman Capital allegedly failed to implement procedures for the review and evaluation of FinCEN's list of individuals under investigation to determine whether whether any individuals on the FinCEN list had customer accounts at the firm for 2006, 2007, 2008.
- Goldman Capital failed to procure independent testing of its AML programs from 1/31/06 to 3/20/09.
- Goldman Capital failed to implement an adequate AML training program for firm personnel.
[C-I Note: This relatively small fine was avoidable, yet it was unnecessary, given the simple, relatively straight forward policies and procedures that are needed to comply. Somewhat "penny wise and dollar foolish."]
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